Saudi-Egyptian annual trade at $1.15 billion

The value of annual Saudi-Egyptian trade exchanges currently stands at $1.152 billion, the Head of the Makkah Chamber of Commerce and Industry recently asserted. This figure consists of $1.04 billion

The value of annual trade exchanges between Saudi Arabia and Egypt currently stands at $1.152 billion, the Head of the Makkah Chamber of Commerce and Industry Abdullah Bin Abdulghafur recently asserted, reported the official Saudi news agency SPA. This figure consists of $1.04 billion exports to Egypt and just over $110 million in Saudi imports from Egypt.

Saudi Arabia is Egypt's top commercial partner in the Arab world and the largest Arab investor in Egypt. In 1990 the two countries signed an agreement regulating commercial relations and enhancing economic and investment cooperation. An annex trade protocol was signed later listing 134 commodities, which the two sides agreed to exempt from duties. Currently,

Saudis and Egyptians currently seek an agreement to establish a free trade zone, however several obstacles still impede its realization, including similarities of exports frames and adjustment of legislation.

According to official Saudi figures, commercial exchanges between the two countries stood at SR2.19 billion ($590 million) in 1999, a SR 500 million drop as compared to the figure of 1998, and one billion SR lower than in 1997. — (menareport.com)